T. Rowe Takes $190M Stake in Facebook


T. Rowe Price (NASDAQ:TROW) has invested $190.5 million in social media darling Facebook, a move that echoes the attractiveness of rising tech stars among traditional investment companies.

The Baltimore-based company paid $25 a share for stock it distributed across a dozen mutual funds, including T. Rowe’s Science & Technology Fund and Global Technology Fund, according to Reuters.

The funds are keeping their stakes low, though, with all investing less than 1% of assets in Facebook, according to the report.

With $482 billion in assets under management at the end of last year, T. Rowe has been one of few traditional players in the industry diversifying into the social media scene, which is so far led by private technology companies.

The latest investment compliments its other tech holdings, including Twitter, Groupon, which is currently gearing up for an initial public offering, and gaming company Zynga.